Good morning New York,
FT ALPHAVILLE
He's not the peak oil messiah, he's a very naughty boy: Izzy cites long-standing oil market watcher Stephen Schork, of the Schork Report, on the issue of peak-oil emancipation, and why the theory proved to be a false messiah.
The morning after the plenum before... David rounds up the commentary and reaction to the relatively small amount of information that can be gleaned from the summary document released by China's powers hat be post-plenum, with the obvious caveat that the final effects of the meeting will take rather more time to emerge.
NEWS
Fed's Kocherlakota disagrees with Lockhart over bond purchases: Given how slowly the Federal Reserve expects US joblessness to decline, the central bank should be ramping up, not dialing back, its efforts to stimulate the economy, Narayana Kocherlakota, president of the Minneapolis Federal Reserve Bank said on Tuesday. The view differed to that of Dennis Lockhart, president of the Atlanta Fed, who hinted taper could happen in December. (Reuters) (Reuters)
UK jobless rate falls to 7.6% in third quarter: Unemployment in the UK has fallen to 7.6 per cent of the workforce – its lowest since May 2009, in a strong set of jobs data that underlined the pace of recovery. (Financial Times)
ICAP added to list of defendants in civil suits over Libor: The world's largest interdealer broker, has been added as a named defendant to three civil litigations against various Libor and Tibor rate-setting banks in the US. (Financial Times)
Bacon's $142m Freud triptych smashes auction record: A 1969 triptych by the British artist Francis Bacon sold for $142.4m on Tuesday night, smashing the record for an artwork sold at auction – the $120m paid last year for Edvard Munch's "The Scream". (Financial Times)
Airbnb rallies users amid regulation threat: Airbnb sought to rally the people who host travellers in their homes at a splashy event in its new San Francisco headquarters, in the face of new regulatory challenges for the "sharing economy" pioneer. (Financial Times)
Barclays issue to test demand for cocos: Barclays is expected to issue its third contingent convertible bond in 12 months as higher yield on the debt outweighs investors' concern about the possible downside of owning such securities. (Financial Times)
Noble drops after Q3 profit fall: Asia's biggest commodity trader by sales, fell the most in almost two weeks in Singapore after third-quarter profit dropped 70 per cent due to a loss related to its stake in coal miner Yancoal Australia. (Bloomberg)
Markets: European equities were on the back foot after inheriting a soft Asian session in which China-based stocks stumbled in response to a lack of detail on the country's economic reforms. Prospects for a less accommodative US monetary policy also remained a major theme, with a selection of emerging market assets again under pressure – though some recent trends were being reversed as the dollar dipped and Treasury prices moved higher. US index futures suggested the S&P 500 would fall 1 point, leaving Wall Street's benchmark just 5 points below the record closing high hit at the end of October, as Europe's Stoxx 600 slipped 0.2 per cent. A sour mood was emanating from the Asia-Pacific region, as some investors expressed disappointment over the outcome of the Chinese leadership's strategy conference, or plenum. The Shanghai Composite index fell 1.8 per cent and Hong Kong's Hang Seng dropped 1.9 per cent after the official plenum communiqué pledged a "decisive" role for markets in the state-dominated economy, but failed to yield any concrete policy changes, according to analysts, something many investors had hoped for.
